When you call George Ryan Jr. Insurance group to get coverage for your condominium, you should know that covering a condo isn’t quite the same as getting a house insured. There are some key differences, for instance:

Your HOA Policy Covers The Building

Your HOA policy, or condo association’s master policy, probably covers the building itself. Before you make the call, you may want to read over your HOA policy. Some of these policies cover more than just the building, and it’s worth a look so that you know what gaps you need to close when buying your condo insurance. There are exceptions, but by and large, your HOA policy covers the building.

Condo Insurance Is For Personal Possessions

HOA policies typically do not cover anything inside the home. This means that if your home is burgled, for instance, you will need to make a claim with your personal insurance provider. This applies to situations where both the building and your possessions are damaged, such as a fire, so you may wind up needing to make a claim through both your HOA policy and your personal insurance policy. This is to say that condo insurance is sort of like renter’s insurance: You cover your end, the management covers the building.

Staying covered with condo insurance through George Ryan Jr. Insurance Group in Bourbonnais, IL involves less risk and liability than covering a house, and the cost of condo insurance typically reflects this. Mileage will vary, of course, but by and large, condo insurance will typically cover less and cost less than the policy for a comparable policy for a homeowner. The HOA handles the building, you handle what’s inside of it.